Iraq is nearly over. BTW we won.

[tw]

Originally Posted by Undertoad

A few appropriate scapegoats of the current scandal are Franklin Raines and Jamie Gorelick.

Both were gone when the major problem in Fannie and Freddie were created. Sub-prime loans that once never exceeded 10% of the loans were suddenly increased to something like 25% of all loans starting 2004 - after Raines and Gorelick were long gone.

Major problem with so many institutions were the large number of sub-prime and other (ie NINJA) loans that were implemented about 2004 to *stimulate* a sagging economy even to people who should not have had those loans. We are now paying for that economic boom recreated only by throwing money at the economy - after Raines and Gorelick were gone. A problem created by the George Jr administration need to *stimulate* the economy.

[Undertoad]

Originally Posted by tw

Both were gone when the major problem in Fannie and Freddie were created.

Leaving the organization just before and just after a major accounting scandal, leaving it leaderless until 2 weeks ago.

[tw]

Originally Posted by Undertoad

Leaving the organization just before and just after a major accounting scandal, leaving it leaderless until 2 weeks ago.

Leaving Fannie and Freddie to do what George Jr has been doing for the past seven years? Pumping government money into the economy. We are now reaping those economic stimulus packages including a feast of free mortgage money and 30 to 1 debt to equity ratios.

Let's see. Raines and Gorelick left in 2004. George Jr's people could not find anyone to take the job for four years? Oh. With all those White House lawyers rewriting science, then no lawyers were available to replace Franklin Raines and Jamie Gorelick? Apparently.